When the cops and S.H.I.E.L.D get the drop on Spider-Man after his first encounter with Doctor Octopus in Ultimate Spider-Man and were arguing over who gets to take him away, Spidey gets the brief distraction he needs to dive into the water by pointing and saying "Hey, is that Charlton Heston?"
Subverted in an Infinity War issue of Fantastic Four. The Puppet Master is being confronted by The Thing. The Puppet Master shockingly tells the Thing that a monstrous massive figure is behind him. Thing doesn't buy it. Thing then gets clobbered by his evil twin.
Used in Incredible Hulk, during a "inside Bruce Banner's brain" sequence, as the gray Hulk distracts the green Hulk by saying, "Look! It's Lou Ferrigno!" before locking that aspect of Banner's mind away again.
Archie Comics' Sonic the Hedgehog specifically issue 27 of Sonic Universe. Silver the Hedgehog has found himself in yet another alternate Mobius, battling alongside that universe's Freedom Fighters against Enerjak, who has hammered Silver into the ground like a hammer, singlehandedly beat the entire team, and has the leader on the ropes. He's taunting her mercilessly then stops and asks "Why are you smiling?" Cue a psychically powered pillar of energy to erupt behind him and truly pissed off Silver ready and raring to go for next issue's Final Battle.
Sonic X: A bad guy distracts Charmy by asking "Hey, what's that over there?"
Empowered uses this trope successfully against multiple supervillains. And the ones who didn't fall for this... She did it again, and this time Maidman was actually there.
In a one-page story of Monica's Gang, Bucky (Titi) was standing up with his back turned on a slope. When Jimmy Five (Cebolinha) showed up, he screamed about a Latão (Brazilian-Portuguese for "Big Can") and ran away. Because of Jimmy's Elmuh Fudd Syndwome and Bucky's teeth, Bucky assumed Jimmy was calling him a Ratão (Big Rat) and didn't notice a big trash can (Popularly known among Brazilians as "Latão") coming towards him down the slope.
Jimmy: Darkseid? You mean that guy standing behind you with a face like he just ate a wasp's nest?
Kalibak(turning around): Master...
Jimmy(tackling him): Hah! Made ya look!
The second ever issue of Wildcats ends with Maul bearing down on a Daemonite baddie. When the bad guy warns Maul that there's something behind him, Maul almost laughs. "Do I look that stupid?" Turns out that there really is something behind him — Youngblood. Badrock opines that, yeah, Maul does kind of look that stupid.
Conan the Barbarian pulled off the subversion when he was fighting a bunch of cultists who had summoned a gorilla-monster-god thing. The narration even explicitly calls attention to the fact that it's "the oldest trick in the book", but as it turns out, the gorilla-god was actually sneaking up on the cultist Conan was saying it to. Cue Gory Discretion Shot.
Sometimes used by Paperinik, especially in the non-Paperinik New Adventures stories. Most notably, in one occasion a time-travelling Paperinik used his left hand to distract someone from a power jab to the face from his right hand, and he did it on his past self.